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The EUR/USD has traded in an uptrend all week long, bringing the relative strength of the greenback into question. Currently, we have a pending trading signal facing the short side of the EUR/USD.

However, that is the beauty of trading. Multiple time frame analysis gives us the opportunity to make money on many different scales. The following EUR/USD trade idea is for scalping smaller profit targets.

With a bit of luck, we will profit from both trade ideas!

 

EUR/USD Scalp Play

The EUR/USD daily chart gives us some great levels for short term buys.

EUR/USD Daily Chart

 

Key Support Levels:

• 38% retracement of this week’s range at 1.2006

• Psyche level at 1.2000

• 50% retracement of this week’s range at 1.1980

Bottom line: I mentioned the upcoming release of the Consumer Credit metric in the previous update. This report may act as a catalyst for participation. In the event that it drives the market our way, tight 1:1 long scalps for a maximum of 5-10 pips may be had from 1.2006 to 1.2000.

If you are interested in possibly grabbing a few fast pips for the weekend, then this trade can deliver. For a trade with a broader scope, then check out the pending EUR/USD setup on the trading signals page.

As always, trade smart and for tomorrow!